Cryptocurrency: Bitcoin Falls To US$ 23,298.60, Ethereum Down Due To Speculation About 'The Merge'

Investors are showing more interest in alternative investment options nowadays, however, these assets impose quite a higher risk quotient. Bitcoin and Ether are such cryptocurrencies, that investors are looking forward to buying. Since 2020 the Crypto market gained sharp traction, but as the US Federal Reserve started to hike the interest rate, the assets started to show a sharply bearish trend. On August 18, till 5.44 pm UTC, Bitcoin fell by 0.18%, and was quoted at US$ 23,298.60, in intra-day trading. Yesterday, Bitcoin closed at US$ 23,341.10. In the last 5 days, Bitcoin fell by only 5.08%, and in the past 1 month, Bitcoin has been up by around 3.68%. Significantly, in the past 6 months, the asset fell by 41.73%.

However, other crypto coins have shown mixed trends. Ether was quoted at US$ 1,865.17, up only by 1.67%. Yesterday, Ether closed at US$ 1,834.61. Litecoin was quoted at US$ 60.57, up marginally by 0.083%; on the contrary, Dogecoin was quoted at US$ 0.0787 down by 1.79%, and Cardano was quoted at US$ 0.5288 down by 1.71% today, till last traded.

Crypto market trend

Bitcoin is being traded in a bearish trend, over the past week, dashing anticipations that it might soar past $25,000. Following this, some traders are now worrying that it might fall below $22,000. Additionally, commenting on Ether, a Bitcoin.com report said, "Ethereum was once again trading below $1,900 during Thursday's session, as the Ethereum Foundation clarified speculation surrounding 'The Merge'. It was recently rumored that the move will reduce gas fees, however, these claims were somewhat dismissed. Bitcoin was also lower, as it continued to trade below $24,000."